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In our monthly portfolio review, we give a run down of our performance across asset classes, along with any notable changes in positioning.

Summary

February P/L = -9.8%

FX 

March was a difficult month on the FX book, with performance down 6.07%. This was characterized by unusually erratic moves. For example, we were stopped out of long EURCHF when the pair briefly traded below parity in multi-year lows. Our short USDJPY also stopped out, despite the pair hitting levels not seen since 2016 and being flagged as overbought. Despite the losses, we remain confident in long-term profitability.

Stocks

The performance in stocks was down 2.37% for the month. We trimmed down some of our exposure to SPCE, as well as cutting our position in DVN for a loss. We continue to like playing the long side of commodities, reflected in the gains seen from the likes of RIO and LYB. However, we have tried to hedge ourselves somewhat against falls in the oil price by shorting XOM.

Late month additions of TLRY and KR are stocks that we think could do well into April.

Crypto

We cut more of our crypto exposure in March, with us struggling to see upside for the likes of MANA and SOL. These 1% losses on the overall portfolio reflect the impact it had.

We do think that the pot is brewing for crypto, and that selective gains could be seen in Q2. However, for the moment this is too early to call, and we would rather by able to get tactically long rather than trying to recoup losses from holding OTM positions from last year.

April actions

We’re keen not to overextend ourselves in April in order to make back all of the losses with excessive risk taking. We expect a bounce back in performance from FX this month, as well as some outperformance from TLRY and KR.

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